May 7, 2010
IRVINE, Calif., May 7 /PRNewswire/ -- Kelley Blue Book www.kbb.com, the leading provider of new- and used-car information, today announces the official launch of the company's Certified Pre-Owned (CPO) Vehicle Value and CPO section on its top-rated Web site for consumer automotive shopping information.
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"Publishing the Kelley Blue Book® CPO Values will help promote manufacturer-based certification programs as well as the peace of mind it affords consumers," said Justin Yaros, executive vice president, product design and development, Kelley Blue Book. "The new CPO section on kbb.com provides comparisons of various manufacturer programs, educating shoppers by showcasing the benefits of each car manufacturer's certified program."
Kelley Blue Book added a CPO Value to its stable of well-known and trusted values as a means to further educate consumers on the value of a certified program and the premium cost associated with a certified vehicle. All of Kelley Blue Book's Values, including the new CPO Values, are updated on a weekly basis to reflect current market conditions.
Kelley Blue Book and luxury automaker Lexus have teamed up to assist shoppers in researching and finding certified pre-owned vehicles from all participating manufacturers. Lexus, one of the pioneers in offering CPO vehicles to consumers, has offered a comprehensive CPO program across its full-line of luxury vehicles since 1993, offering low-mileage, rigorously inspected and reconditioned vehicles backed by an extensive warranty. The Lexus CPO experience aims to offer consumers the same premium ownership experience enjoyed by those who purchase a new Lexus.
The new CPO section on kbb.com includes a comprehensive online shopping experience educating consumers on the benefits and value of CPO programs. Assisting shoppers at all stages of the CPO shopping process, kbb.com's CPO section offers three areas; CPO Basics, CPO Research and Ready to Buy. Throughout these three areas, consumers can learn what a CPO vehicle is, utilize comparison shopping research tools to discover the program/vehicle that best suits their needs, and view local CPO vehicle inventory listings.
"Many car shoppers have heard the term 'certified' but they aren't sure exactly what that means, let alone if it is right for them or what they should be paying for a CPO vehicle," said James Bell, executive market analyst for Kelley Blue Book. "The new CPO section on kbb.com and Kelley Blue Book's CPO Value take the mystery out of CPO and provide shoppers with all of the tools and advice they need to research and purchase a CPO car."
In the 'CPO Basics' area, car shoppers can read articles from the kbb.com experts about the benefits of buying a certified vehicle and how it compares to buying a new or used vehicle. Additionally, there is helpful information describing the difference between manufacturer-backed CPO programs versus dealer-offered extended warranty/service contracts. Consumers also can take a quiz to find out what may be best for them: buying a new, used or CPO vehicle.
In the 'CPO Research' area, shoppers can view a list of all manufacturer CPO programs and compare the programs side-by-side. In this section, shoppers also can research the official Kelley Blue Book CPO Value of a vehicle and see lists of the most popular CPO brands and cars.
In the 'Ready to Buy' section, site visitors can search for a specific CPO car for sale near them, using the more than 70,000 CPO vehicles listed in the company's comprehensive vehicle inventory section, The Trusted Marketplace(SM). Shoppers also can get articles with specific advice on how to buy a CPO car in this section.
"Lexus has spent nearly two decades educating consumers about the value of our vehicle certification program," said Brian Smith, vice president of sales and dealer development for Lexus. "Working together with kbb.com, an unbiased car shopping site that sees more than 15 million visits each month, provides us with a tremendous opportunity to spread the word about the advantages our CPO program offers to more and more of our customers who are shopping online these days"
About Kelley Blue Book's CPO Value
The Kelley Blue Book® Certified Pre-Owned Value is representative of dealers' asking prices for a used car covered by the automaker's CPO program, and the starting point for negotiation between a consumer and a dealer. Certified Pre-Owned cars are screened and reconditioned according to the automaker's CPO program specifications, and typically include warranty coverage that extends beyond any remaining factory warranty. The Kelley Blue Book Certified Pre-Owned Value takes into account the dealers' profit, costs for advertising, sales commissions and other costs of doing business, plus any value associated with the CPO program. The final sale price may vary according to the vehicle's actual condition, popularity, type of warranty offered and local market conditions.
Kelley Blue Book determines a vehicle's CPO value by adding an appropriate CPO premium to the Blue Book® Suggested Retail Value. The CPO premium is determined by processing recent CPO vehicle transactions through a statistical model and analyzing discrete CPO program costs to determine the appropriate premium.
About Kelley Blue Book (www.kbb.com)
Since 1926, Kelley Blue Book, The Trusted Resource®, has provided vehicle buyers and sellers with the new and used vehicle information they need to accomplish their goals with confidence. The company's top-rated Web site, www.kbb.com, provides the most up-to-date pricing and values, including the New Car Blue Book® Value, which reveals what people actually are paying for new cars. The company also reports vehicle pricing and values via products and services, including software products and the famous Blue Book® Official Guide. According to the C.A. Walker Research Solutions, Inc. - 2009 Spring Automotive Web Site Usefulness Study, kbb.com is the most useful automotive information Web site among new and used vehicle shoppers, and half of online vehicle shoppers visit kbb.com. Kelley Blue Book's kbb.com also is a W3 Gold Award winner, sanctioned by the International Academy of Visual Arts. Kbb.com is a leading provider of new car prices, used car Blue Book Values, car reviews, new cars for sale, used cars for sale, and car dealer locations.
SOURCE Kelley Blue Book